Is Your Church Missing Out on Millions During the Largest Wealth Transfer in History?
The greatest wealth transfer in U.S. history is underway. A recent study from the Boston College Center on Wealth and Philanthropy projects $59 trillion will be passed down to heirs, charities and taxes between 2007 and 2061. Other studies indicate that this number may be larger.
FINANCIAL IMPACT ON UNITED METHODIST CHURCHES
“When you localize the $59 trillion, a conservative estimate suggests that the net worth of United Methodist baby boomers in Georgia is $75 billion,” said Rev. Charles (Chuck) W. Savage II, retired president/CEO of the Georgia United Methodist Foundation. “If United Methodists in Georgia were to leave a final tithe of 10 percent or $7.5 billion to church endowments, it would generate $375 million each year for ministry until “Jesus comes back.” This number is based on a spending policy that has been set at 5 percent.”
DON’T MISS OUT! ESTABLISH A PLANNED GIVING INITIATIVE
How can you ensure your church doesn’t miss out on this opportunity? “Every church should establish a planned giving initiative,” said Nancy Young, Foundation director of planned giving at the Georgia United Methodist Foundation. “Although developing a planned giving initiative may seem like a daunting task, our Legacy Ministry Training makes it easy by providing turnkey documents for all areas of planned giving and a development process that is simple to follow. To begin the Legacy Ministry Training, recruit your Ad Hoc Committee and contact the Foundation as soon as possible.”
LEGACIES FURTHER THE MISSION OF THE CHURCH
What are the consequences if your church does not implement a planned giving initiative? “Without one, the church robs their members of the opportunity to give one of the most significant gifts of their life – their legacy to be used to further the mission and vision of the church past their lifetime,” Nancy said. “Additionally, the church will not have as many financial resources to expand ministry to make disciples for Jesus Christ for the transformation of the world.”
For more information on establishing a planned giving initiative or participating in the Legacy Ministry Webinar, please contact one of our Foundation representatives listed below.
President/CEO Rev. Keith E. Lawder at 770-449-6726, 877-220-5664 or firstname.lastname@example.org
Vice President of Development Rev. Steve Waldrof at 478-733-8059, 478-747-0042 or email@example.com
Director of Planned Giving Nancy Young at 678-708-6601 or firstname.lastname@example.org
This article was originally published in the Fall 2014 edition of Faith & Money, a publication of the Georgia United Methodist Foundation.